Thailand’s economy grew slower than expected in the second quarter of 2022 as the economy started to pick up from a full lift of Covid-19 restrictions in July, which is in the third quarter.
The annualized Gross Domestic Product grew 2.5% in 2Q22, missing expectations of 2.8% by Reuters Poll, but better than the first quarter of 2022 at 2.2%. Meanwhile, the economy grew 2.4% in the first half of 2022.
The National Economic and Social Development Council (NESDC) stated that the expansion in the second quarter was due to easing Covid restrictions that resulted in an acceleration in the service sector, coupled with a support from the government sector on tourism that led to tourist arrivals growth this year.
